Renaissance Technologies LLC Purchases 44,600 Shares of ATI Inc. (NYSE:ATI)

Renaissance Technologies LLC raised its holdings in shares of ATI Inc. (NYSE:ATI) by 32.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 180,192 shares of the basic materials company’s stock after acquiring an additional 44,600 shares during the period. Renaissance Technologies LLC owned about 0.14% of ATI worth $9,992,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ATI. Dimensional Fund Advisors LP grew its holdings in shares of ATI by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,506,609 shares of the basic materials company’s stock valued at $139,003,000 after purchasing an additional 102,691 shares during the last quarter. WINTON GROUP Ltd increased its holdings in shares of ATI by 138.1% in the second quarter. WINTON GROUP Ltd now owns 32,485 shares of the basic materials company’s stock worth $1,801,000 after buying an additional 18,842 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of ATI by 15.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 41,483 shares of the basic materials company’s stock valued at $2,300,000 after acquiring an additional 5,398 shares during the last quarter. Federated Hermes Inc. boosted its holdings in ATI by 4.3% during the 2nd quarter. Federated Hermes Inc. now owns 1,702,648 shares of the basic materials company’s stock valued at $94,412,000 after acquiring an additional 70,812 shares during the period. Finally, ClariVest Asset Management LLC increased its stake in ATI by 18.0% in the 2nd quarter. ClariVest Asset Management LLC now owns 38,420 shares of the basic materials company’s stock worth $2,130,000 after purchasing an additional 5,873 shares during the period.

Wall Street Analyst Weigh In

ATI has been the topic of a number of recent analyst reports. Northcoast Research lowered shares of ATI from a “neutral” rating to a “sell” rating in a report on Friday, June 14th. KeyCorp upped their price target on ATI from $66.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted their price objective on ATI from $80.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Susquehanna began coverage on shares of ATI in a report on Thursday, September 5th. They issued a “positive” rating and a $75.00 price target on the stock. Finally, BTIG Research assumed coverage on shares of ATI in a report on Wednesday, June 26th. They issued a “buy” rating and a $70.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, ATI has a consensus rating of “Moderate Buy” and an average target price of $74.00.

Insider Buying and Selling

In other ATI news, Chairman Robert S. Wetherbee sold 25,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $61.61, for a total value of $1,540,250.00. Following the transaction, the chairman now owns 511,443 shares of the company’s stock, valued at $31,510,003.23. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.71% of the stock is currently owned by corporate insiders.

ATI Price Performance

ATI opened at $65.03 on Tuesday. The company’s 50-day simple moving average is $62.72 and its two-hundred day simple moving average is $57.77. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.07 and a current ratio of 2.13. The stock has a market capitalization of $8.09 billion, a P/E ratio of 26.12, a P/E/G ratio of 1.51 and a beta of 1.04. ATI Inc. has a 52-week low of $35.03 and a 52-week high of $68.92.

ATI (NYSE:ATI) last issued its earnings results on Tuesday, August 6th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. ATI had a net margin of 8.74% and a return on equity of 23.05%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted $0.59 earnings per share. As a group, analysts predict that ATI Inc. will post 2.48 EPS for the current year.

ATI declared that its Board of Directors has authorized a stock buyback program on Tuesday, September 3rd that allows the company to buyback $700.00 million in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 9.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

ATI Profile

ATI Inc produces and sells specialty materials and complex components worldwide. It operates in two segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). The HPMC segment produces various materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, metallic powder alloys, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, as well as precision forgings, components, and machined parts.